Today, 3/5/2006, was conducted the analyst's briefing by the Management of the Piraeus Port Authority S.A., at the Association of Greek Institutional Investors according to the article 292 of the regulation of the Athens Stock Exchange. The company, its business activities and the year end results were presented by the President of the Board of Directors Mr. D. Samolis and the CEO of the Company Mr. N. Anastassopoulos that analysed the results of the year 2005 as follows: The turnover of the Company recorded a decrease and amounted to ?140m against ?148 mil. of the respective period of 2004. The mainly decrease was recorded during the 2nd quarter of 2005, as a direct result of the strikes of the port workers that resulted to a reduction of revenues by ?8 mil. and a respective reduction of profits by ?5 mil. The restrain of the operational expenses partly offset the profits reduction resulting from the strike, to ?3.8 mil despite the doubling of the concession agreement fee, whereas the earnings after taxes (current and differed) present an increase by 13.02% due to the differentiation of fiscal profits and rates. The Management mentioned the important actions completed within 2005 which continue to be realized in 2006, like the revision of tariffs, the reduction of the gang's manning from nine to six, the financing for the expansion of Pier I from the EIB, the utilsation of modern banking tools such as financial leasing, the restructuring of the Internal Organisation according to today working standards , and the reformation of the Organisation. In addition, it was analytically presented the 5 year investment plan of the Organisation (2006-2010) amounting to ?215 mil. of which more than 50% concerns projects that aim to increase the production capacity of the Container Terminal and improve the competitive position of the port. Regarding the development of the port's installations with the self financing method, it was presented the development plan that includes a new exhibition centre at Palataki area and the development of land spaces and buildings of the Central Port the feasibility studies of which have been assigned to a specialised consultant. About the prospects of the current year, it was mentioned that the adverse consequences of the strike extent to the first quarter of 2006 as well, since the rescheduling of the vessels route by the shipping companies require at least a six month period. However as from 1/4/2006 the implementation of the "randez-vous" system, together with the adoption of an attractive tariff for the in transit cargo, creates new perspectives for rapid recovery with the attraction of new co-operations (COSCO) and additional volumes by the existing customers. In addition the increase of throughput in the Car Terminal is already fruitful. It was however stressed that an important boost in revenues is expected with the enactment of Pier I operation at the Container Terminal in 2008.